Shiba Inu (SHIB), the second largest memecoin, is now the 18th largest cryptocurrency by market cap, surpassing Litecoin and Dai with its massive 21% growth since last week.
SHIB’s market capitalization currently stands at over $5.88 billion, with a lead of $50 million over its closest competitors in the market. Memecoin trading volume has also skyrocketed in the latest bull run, rising 132% in the last 24 hours. On Binance alone, the SHIB and USDT pair recorded a 26% increase in trading volume since yesterday.
Source: CoinMarketCap
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The token’s significant growth is largely driven by its recent burn rate. Yesterday, around 8.2 billion SHIB tokens were burned in a single transaction. However, Shiba Inu is not the only memecoin enjoying a significant rally. PepeCoin is up 45% weekly, recording the sixth highest weekly gain in the entire market.
The leading memecoin, DOGE, also recorded 25% weekly growth, reaching almost the same price as last year on its anniversary.
Read more: How Dogecoin Defied the Odds: Marking 10 Years in the Crypto World
